The miner posted a record loss of 5.01 billion zlotys ($1.3
billion) at the group level and 2.8 billion loss for the parent
company, from which KGHM pays dividends. Analysts had expected
losses of 4.81 billion and 2.29 billion respectively.

Earlier this year, the company reported writedowns of $1.3
billion on its foreign assets due to falling metal prices, with
the largest drag coming from its main overseas mine Sierra Gorda
in Chile.

KGHM, which underwent a management reshuffle this year,
expects 2016 copper prices to fall further and average
$5,000 per tonne compared with $5,495 last year, and expects its
full-year output to fall 9 percent to 525,400 tonnes.

The company, which is also the world's largest silver miner,
had planned to almost double its copper output to more than 1
million tonnes a year by 2020, but signalled a revision of its
plans and its foreign assets after worries about Chinese demand
battered metals prices.

Copper has regained some ground this year and is trading at
about $5,000 a tonne.

KGHM shares have risen 13.5 percent so far this year. They
still has some way to go to make up for their 42 percent fall in
2015, the year it launched commercial production at the Sierra
Gorda mine it co-owns with Japan's Sumitomo .

The miner plans to investment 4.02 billion zlotys in 2016
slightly higher than the 3.91 billion spent in 2015.